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SBA Disaster Assistance Loans for Small Businesses Impacted by Coronavirus

Posted by John Inhulsen | Mar 19, 2020 | 0 Comments

The U.S. Small Business Administration (SBA) has approved Michigan's request for a statewide Economic Injury Disaster Loan (EIDL) declaration, opening the opportunity to small businesses to access low-interest loans from the SBA.   

  

The EIDL designation means that Michigan small businesses, small agricultural cooperatives, and nonprofits that have suffered substantial economic losses as a result of the COVID-19 outbreak will now have the ability to apply for low-interest loans as part of $1 billion in funding made available to the SBA by Congress earlier this month. 

The application for disaster loan assistance is available at https://disasterloan.sba.gov/ela/. For businesses looking for more information on how to apply for an SBA EIDL loan or whether it is something they should consider, visit michiganbusiness.org/covid19

Today's EIDL declaration by the SBA adds to the growing number of resources available to small businesses in Michigan negatively impacted by COVID-19, including the Michigan Small Business Relief Program, authorized by the Michigan Strategic Fund, which will provide more than $20 million in grants and loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce.   

 About Inhulsen Law

Inhulsen Law is a boutique Michigan law firm focused on businesses, owners, and their related issues.  We work in partnership with our clients to promote their success by providing practical and cost-effective services.  To learn more call us at (616)747-0000, visit our website, on Facebook, or connect on LinkedIn.

About the Author

John Inhulsen

John Inhulsen specializes in providing strategic legal counsel on business and litigation matters, and is consistently recognized by Super Lawyers and Best Lawyers in America for his work.

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